What caused the financial mess we're in? And how do we get out of it? Two of the great economic thinkers of the 20th century had sharply contrasting views. John Maynard Keynes believed that government spending could create employment and longer-term growth. His contemporary and rival Friedrich Hayek believed that investments have to be based on real savings rather than increased public spending or artificially low interest rates.

Keynes's biographer, Professor Lord Skidelsky, takes on modern-day followers of Hayek in a debate at the London School of Economics. Paul Mason, economics editor of Newsnight, is in the chair. Speakers include George Selgin, Duncan Weldon, and Jamie Whyte.

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Listener Opinions

by Dave | 1/23/2014

" This is informative and dry, but worth the time invested. If you are not satisfied with the steady diet of misleading crap emanating from the cable news channels, add this book to your list. The time you wasted watching cable new could be better put to use by reading books, written by people that are actually experts on the topic. "

by Kent | 1/7/2014

" Wapshott combines biography, history and economics in this intriguing discussion of two of the most influential economists of the twentieth century and their opposing views on how best to manage an economy. Kudos to the author's efforts to make this story readable. This work clears up many misconceptions of both Keynes and Hayek and leaves the reader more appreciative of both men than may have been the case prior to reading it. "

by Tom | 1/4/2014

" Very readable and interesting history of the three main schools of economic thought in the 20th century, focusing not so much on the arcane theory but on the personalities, debates, historical context, and policy implications as practiced by European and American leaders. Makes it clear that there were few bright lines that delineated Keynesian, Austrian and Monetarist theories and that, as we have come to believe since 2007, we're all Keynesians in a foxhole. It's when we're not in our foxholes that the lessons learned, good and bad, from policy implementation need to be remembered if we're not to be doomed to repeat them. My appreciation of this book is proof that books on economics can hold the lay reader's interest if they're well written and have no formulas. "

by Cv Rick | 12/22/2013

" The author obviously struggled to give Hayek equal billing in this book, despite the vacancy of application, thought and proof in the Austrian's theories. There wasn't actually a clash between the two - there was some letter exchanges and a bit of reaching out by Keynes to help a newcomer to the field. But Hayek was obviously deferential to the founder of modern economic theory. It was only later in Hayek's career, after Keynes was gone that the Austrian pretended to take Keynes to task by mischaracterizing his economic theories and tilting at strawmen like a knight practicing for a joust which would only happen in his own mind. "

" Well worth reading - felt like I had a much better grasp of Keynesian economics after reading this, even though this is not an economics text. Particularly well crafted description of Hayek and very surprising insights (to me) about Milton Friedman. "

Sandra Ciaccio | 12/16/2013

" Very relevant for discussion today. I won't pretend I completely understand all the economic fine points but it does help in understanding how these two approaches define decisions being made today. "

Ross Emmett | 6/28/2013

" Overall story is fascinating and a great read. But there are a lot of small mistakes: like calling J B. Clark a socialist; and quite a bit of his discussion of Chicago economists. But I'm probably one of the few who would catch those mistakes! And they do not make his overall story less interesting. "

Andrew | 4/3/2013

" I really, really enjoyed this book. It's an awesome background/historical explanation for the motivating forces behind today's economy. If you're curious why monetary/fiscal policy looks the way it does than this is an excellent book for you. "

Eric Meyers | 3/31/2013

" Completely fascinating--I never thought I would enjoy a book on economics this much. If you have any interest in understanding the current economic debate, it's a must-read. "

Steve | 7/6/2012

" This book is very dense, and is more understandable, I'm sure, to people who are better educated about economics than I am. Still, it is informative to even the average educated person, giving even an economics novice a fascinating glimpse into that world. "

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